- September 10, 2024
- Posted By: james w
- Category: Market News
EUR/GBP Trading Outlook: Bullish and Bearish Scenarios
The EUR/GBP, often referred to as the “Chunnel,” represents the exchange rate between the Euro and the British Pound, two of Europe’s most widely traded currencies. Currently, this pair is facing bearish pressure as it tests a descending trendline on the H4 chart. MACD signals are weakening, with the histogram declining and the signal line converging near the MACD line. Additionally, the RSI stands at 56.59, showing a neutral position but with a declining bullish slope. The recent price action hints at the potential for a bearish wave if the bullish trendline below the current price of 0.84422 fails to hold.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Upcoming economic data for both the Eurozone and the UK are key factors that could shift the market’s predictions. With German Final CPI expected at -0.1% and UK employment data, including the Claimant Count Change and Unemployment Rate, traders should watch closely. A break below the bullish trendline could lead to increased bearish momentum, favoring sellers, while a hold above this level might provide temporary support for the bulls, though technical indicators currently suggest a bearish bias.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.